MOSCOW—In a country whose best known contribution to global technology may well be the Kalashnikov rifle, a new mobile-phone company once tied to Russia's state-run defense corporation hopes it will have as deep an impact on the world's next generation of smartphones.

Yota Devices is betting on its soon-to-be revealed dual-screen product to break the mold of mobile technology—combining a traditional LCD screen on one side and an electronic-paper display on the other, allowing for seamless information streaming while promising better battery life than the average smartphone.

"We created this to be different," said the company's 43-year-old chief executive, Vladislav Martynov, while demonstrating a prototype at his sleek Moscow office filled with antique telephones. "Most phones nowadays are boring—they are just boxes. This is a phone for people who want to be outside that box."

A team of 35 engineers with a budget of $25 million worked since May to bring the concept into reality, he said.

Yota plans to show the new phone at the Mobile World Congress in Barcelona in February. It is then scheduled to go on sale in Russia by the third quarter of next year before appearing in international markets the following quarter in cooperation with global carriers.

It is no secret that stocks fall in and out of favor, often with cyclic regularity based on the economy or consumer trends. Right now, several technology stocks are experiencing phoenix-like rebirths and may be the ticket for investors to end the year on a high note.

These stocks have all experienced multimonth declines. And they all now exhibit technicals suggesting the carnage is not only over but reversing respective trends to the upside.

Let's start with the biggest elephant in the room, Apple (ticker: AAPL). From its peak in September to its recent low in November, the world's largest company by market cap was down as much as 27%.

That is certainly a huge decline, but the long-term trend is still to the upside. It is also still just a correction at this time in the context of the 2009-2012 broad market bull market.

By comparison, many of the following tech stocks have hit multiyear, if not multidecade, lows. It is in these truly damaged stocks that we will find opportunity.

The first is a victim of Apple's success. Research in Motion (RIMM) used to lead in the smart phone space, but its stock has been in decline since 2008. With share-price losses greater than 90%, the stock was left for dead until a price and volume surge in late September got some attention (see Chart 1).

Sparked by better-than-expected second-quarter earnings, the stock showed signs of life. It marked time until mid-November, but then broke out to the upside from a five-month trading range on heavy volume. Suddenly, it had a true rally for the first time since early 2011. And based on such technical indicators as moving averages, cumulative volume and momentum, it does appear that there is still more to come.

Without addressing the fundamentals, the charts do not offer any solid resistance until the 18-area, more than 50% above Monday's trading at 11.81.